Earlier, despite rising worldwide costs, retail rates for petrol and diesel were frozen for a record 137 days between early November 2021 and March 21 this year.
Digital Desk: Private fuel sellers in India claim that petrol and diesel are sold at considerably lower prices than they should be. They also said that a litre of petrol is sold at a loss of 14–18 per cent below cost, while diesel is sold at a loss of 20–25 per cent below cost.
This is due to a price freeze despite rising crude oil costs on the international market, according to the Federation of Indian Petroleum Industry (FIPI), an industry organisation representing private fuel dealers. According to reports, private fuel dealers have asked the oil ministry to assist with the issue.
The price of crude oil has risen sharply in the international market, as have product costs, but state-owned fuel merchants, who control 90% of the Indian oil market, have kept petrol and diesel prices frozen at rates comparable to two-thirds of the cost, according to the research. Private fuel sellers have apparently been forced to choose between raising prices and losing customers or cutting sales to cut losses as a result of this move.
Despite two reductions in excise tax by the central government and VAT rate reductions by several state governments, oil prices in India are still at a record high despite two reductions in excise duty by the federal government and VAT rate reductions by several state governments.
Earlier, despite rising worldwide costs, retail rates for gasoline and diesel were frozen for a record 137 days between early November 2021 and March 21 this year. Retail prices of petrol and diesel have been revised 14 times since March 22nd, at an average of 80 paise per litre every day. This resulted in a ten-cent increase in both gasoline and diesel prices.
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